Traders work on the floor of the New York Stock Exchange (NYSE) on June 22, 2026 in New York City, USA.
Brendan McDiarmid | Reuters
Global stocks sold off on Tuesday after tech stocks fell sharply following a sell-off in the sector on Wall Street.
Asian stock prices generally fell by the end of the day, driven by South Korea’s high-tech industry. Kospi The index ended 10% lower. The index was driven down by chipmakers. SK Hynix and the tech giant samsungBoth companies closed with losses of over 12%.
Stocks also fell sharply in European markets, with the pan-European Stoxx 600 index down about 1%, paring its earlier decline by the afternoon.
The Stoxx 600 Technology Index led the regional decline, falling 3%. chip manufacturer STMicroelectronics Dutch semiconductor manufacturing equipment manufacturer ASMI Both fell more than 7%, making them the biggest losers on the Stoxx 600.
meanwhile, futures associated with new york Nasdaq 100 Index — Home Nvidia, apple, alphabet and microsoft — fell 2.7% ahead of Tuesday’s regular session.
In pre-market trading on Wall Street, iShares Semiconductor ETF fell 6.2%, with individual chip stocks posting significant declines. intel The stock was recently trading 7.6% lower. micron lost 8.5%; AMD It decreased by 6.2%. chip manufacturing giant Nvidia It was 3% lower.
space x The stock also extended its decline, falling 3% in premarket trading after falling 16% during Monday’s regular session.
A broad tech sector backlash dragged both down. S&P500 and Nasdaq Composite It fell on Monday, with investors taking turns exiting the so-called “Magnificent Seven” stocks. Amazon and MetaThe decline extended into pre-market trading on Tuesday, with shares of both companies down more than 0.7%.
Despite mounting pressure on global markets on Tuesday, Strategy Asset Managers CEO Tom Hulick told CNBC’s “Squawk Box Europe” that he was not concerned about an impending catastrophe, noting that markets are currently “very fluid.”
“I don’t think we’re close to some kind of catastrophic failure in the market. There’s excess liquidity and earnings momentum is very strong right now,” he said.
“AI will continue to drive corporate revenues for years to come. With trillions of dollars in capital investment, the valuations of companies like SpaceX and Anthropic could go a little stratospheric, but who knows what’s going to happen to the world with some of these companies and what they can do going forward.”
Wedbush’s Dan Ives said in a note Tuesday morning that the stock price decline is an opportunity for investors.
“There’s definitely going to be this (down) selling pressure and white-knuckling in U.S. tech stocks this morning as investors worry that the overheated KOSPI decline will have a ripple effect on U.S. tech stocks,” he said, noting that tensions are amplified by the impending Micron earnings report scheduled for Wednesday.
Mr. Ives manages Wedbush’s AI Revolution ETF, whose major holdings include Micron, TSMC, ADM and Nvidia.
“We take a step back and continue to believe that while the AI revolution is still in its third inning, this market will continue to experience many ‘testing moments’ in tech…this morning is just one of those moments,” he said in a note Tuesday.
